Conservatives Versus Wildcats A Sociology of Financial Conflict [Hardcover]

For decades, the banking industry seemed to be a Swiss watch, quietly ticking along. But the recent financial crisis hints at the true nature of this sector. As Simone Polillo reveals inConservatives Versus Wildcats, conflict is a driving force.

Conservative bankers strive to control money by allying themselves with political elites to restrict access to credit. Barriers to credit create social resistance, so rival bankerswildcatsattempt to subvert the status quo by using money as a tool for breaking existing boundaries. For instance, wildcats may increase the circulation of existing currencies, incorporate new actors in financial markets, or produce altogether new financial instruments to create change.

Using examples from the economic and social histories of 19th-century America and Italy, two decentralized polities where challenges to sound banking originated from above and below, this book reveals the collective tactics that conservative bankers devise to legitimize strict boundaries around creditand the transgressive strategies that wildcat bankers employ in their challenge to this restrictive stance.

Polillo'sConservatives versus Wildcatsis required reading for those interested in the politics of finance. Simone Polillo is Assistant Professor of Sociology at the University of Virginia. With Brad Pasanek, he is co-editor ofBeyond Liquidity: The Metaphor of Money in Financial Crisis. Polillo brilliantly illustrates how conservatives and wildcats push and pull the financial landscape in the U.S. and Italy, illuminating how financial conflict interacts with political change. This is must read for those interested in the sociology of finance, economic sociology, and international political economy. This handsome study confirms the impression that Polillo is one of the most creative and interesting economic sociologists of a new and coming generation. The book's thesisthat finance means conflicts of various typesand thels